ALBANY, N.Y. (NEWS10) – Since the Fourth of July weekend, the average price of gas in Albany has fallen seven cents, standing at $4.74 per gallon Monday morning. According to GasBuddy’s survey of 546 gas stations in Albany, those prices are 21 cents lower than this time in June, but still $1.61 per gallon higher than in July 2021. The national average price of diesel has also fallen by eight-and-a-half cents in the past week, reaching $5.65 per gallon Monday.
According to GasBuddy price reports, the cheapest station in Albany was priced at $4.24 a gallon Sunday, while the most expensive was $5.05, a difference of 81 cents per gallon. The lowest price in New York State Sunday reached four dollars a gallon, while the highest was $5.79, a difference of $1.79 per gallon.
The national average price of gasoline has dropped nearly 13 cents since the Fourth, averaging $4.66 per gallon on Monday. That price tag stands just over 34 cents lower than in June, and $1.54 per gallon higher than in 2021.
“The national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020. Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong. But we’re not completely out of the woods yet – we could also see a sharp reversal in the decline. There remains a risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue,” concluded De Haan.